US: Industrial Production rises by 0.6% in July vs. 0.3% expected
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- Industrial Production in the US rose at a stronger pace than expected in July.
- US Dollar Index clings to daily gains near 106.70 after the data.
The data published by the US Federal Reserve showed on Tuesday that Industrial Production rose by 0.6% on a monthly basis in July. This print came in better than the market expectation for an expansion of 0.3%. In the same period, Manufacturing Production increased by 0.7% after having contracted by 0.4% in each of the previous two months.
“Capacity utilization moved up 0.4 percentage point in July to 80.3%, a rate that is 0.7 percentage point above its long-run (1972–2021) average,” the publication further read.
These figures don’t seem to be having a significant impact on the dollar’s performance against its rivals. As of writing, the US Dollar Index was up 0.23% on the day at 106.73.
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